Mọi dạng hiệu quả của thị trường đều quan trọng trong việc tạo ra sự
công bằng và lòng tin trên thị trường, từ đó giúp thị trường phát triển. Mặt
khác, một thị trường qui mô nhỏ và mỏng như của Việt Nam khó có thể
hiệu quả. Chỉ có những nhà phân tích chuyên nghiệp với thông tin minh
bạch hơn nữa mới có thể phá vỡ vòng lẩn quẩn về tính hiệu quả này.
(Saigon Times Daily ngày 28-7-2003)
83. Is It Possible to Create Value with Debt Financing?
Imagine a world with perfect capital markets. In such a world, is it
possible to create value with debt financing? It depends. If there are no
taxes, then the surprising answer is that debt financing does not create
value. This is one of the fundamental insights in modem corporate finance.
To illustrate the idea, we use the following analogy. Consider a company
A that generates a stream of cash flows and has a single equity holder. Let
us represent the (present) value of the cash flows with a cake. Since the
equity holder owns the company, die equity holder is entitled to the full
cake.
Next, consider another company B that is similar in every respect to
company A. The only difference is that company B has both equity and
debt financing. Since company B is similar in every respect to company A,
it must generate the same stream of cash flows. The size of the cake for
company B must be the same as the size of the cake for company A. In
other words, the generation of the cash flow depends on the intrinsic nature
of the business rather than the financing arrangement. The financing
arrangement corresponds to the "sharing" of the cake. In company B, the
equity holder and the debt holder will divide the cake between themselves,
where the sum of the two pieces of the cake must be equal to the full cake
of company A.
